Young And Stupid I Suppose But Dont The Dumb Need Help

Question:
I was contacted by a collection agency which claims they purchased a debt from a bank called mbna (regarding a computer purchase) Ive been delinquent on the debt for a few months because i changed jobs from one part time job (that paid fairly well) to another that paid less. In addition to this debt i have an outstanding balance on a visa card that just keeps growing due to overlimit and late fee's which i stopped paying about a year and change ago. Lastly I have outstanding college loan debts (which i believe i may be able to request a forebearance or deferment for) the company that claimed they purchased the debt from mbna bank claimed they were planning to subpeona me to go to court (im assuming to sue for the debt) however they offered to settle for some 85 cents on the dollar including the interest. When i told them i was unable to gather this much $$ they claimed that if it came to court they would demand attorney fee's in addition to debt itself to the tune of some $4,400 or so. Currently I live at home (dont own or rent) and work 2 days a week at a job where I dont have steady work per-se. Am i in a position to file for banktruptcy or is there an alternative I can look to? I also dont really earn enough to afford a lawyer and have had trouble sleeping/eating latel because of this, they claim the subpeona will arrive a few days before christmas. My main concern is that they'll come into the apartment i live and take everything that isnt nailed down ( i dont own a car or anything substantial)

Answer:
You might receive a subpoena but I also received them and it clearly stated that i was not required to attend. If you file once again they are out of luck as are the attorney's >Currently I live at home (dont own or rent) and work 2 days a week at a job >where I dont have steady work per-se. >Am i in a position to file for banktruptcy or is there an alternative I can >look to? I also dont really earn enough to afford a lawyer and have had >trouble sleeping/eating latel because of this, they claim the subpeona will >arrive a few days before christmas. If you plan to file start sleeping and put it out of your mind. The stress of this mess will eat at you until you make that move to file >My main concern is that they'll come into the apartment i live and take >everything that isnt nailed down ( i dont own a car or anything substantial) They wont be coming by to visit you once you file and in my case the 2 year period prior to filing all they did is call and get lawyers to contact me by mail when I started ignoring them. Many collection agencies threaten lawsuits as a means of getting you to pay. Sometimes they follow through; often they don't. And even if you are sued, it is most unlikely that the law firm would try to sell your household goods and furnishings; it simply isn't cost-effective. As far as bankruptcy is concerned, I have written a Bankruptcy FAQ which should answer many of your questions about what is involved--it may be found at http://users.erols.com/lawyer/FAQ/br_faq.htm. I strongly recommend speaking with a local bankruptcy attorney. Most offer free initial consultations and he or she should be able to review your specific situation and let you know what you can and can't do. If you're in Maryland, DC or Virginia, please let me know--we may be able to help.





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